Toomey stands down from bank role

By Phil Boeyen, ShareChat Business News Editor

Tuesday 9th October 2001

Air New Zealand (NZSE: AIRVA) boss Gary Toomey has resigned as a director of ANZ Bank.

Mr Toomey took up the position on ANZ's board in 1998, the same year he was made deputy chief executive for Air NZ rival - lately turned nemesis - Qantas.

The bank has expressed its appreciation for the contribution Mr Toomey has made during his time on the board but has not commented further on his departure.

Mr Toomey has been conspicuously absent from the media in recent weeks, instead leaving acting Air NZ chairman Jim Farmer to report on the state-funded restructuring plan for the airline.

Mr Farmer was also the one who, on Monday, announced changes to the airline's operations, including schedule cuts and staff layoffs, normally operational decisions where the company's CEO would be expected to front up.

Mr Toomey's current low profile compares markedly to his former highly visible position which included fronting television advertising for both Air NZ and the collapsed Ansett.

It has also fueled rumours that his days at the airline are numbered despite recent denials from Air NZ, which has fobbed off his absence at important events such as the recapitalisation announcement by saying he is "busy running the airline."

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